|Court:||Delaware Court of Chancery|
|Case Leaders:||Mark Lebovitch, Jeroen van Kwawegen|
On October 23, 2014, BLB&G filed a Verified Class Action Complaint on behalf of its client, The City of Cambridge Retirement System (“Plaintiff") and all other similarly situated public stockholders of Athlon Energy, Inc. against the members of Athlon’s board of directors: Robert C. Reeves, Gregory A. Beard, Rakesh Wilson, Wilson B. Handler, Ted A. Gardner, Mark A. Stevens, and Bart Kalsu (the Apollo Global Management, LLC, Encana Corporation, and Alenco Acquisition Company, Inc.). The Complaint alleges breaches of fiduciary duties and aiding and abetting, including through alleged misleading or omitted disclosures in the Recommendation Statement, in connection with Encana’s proposed acquisition of Athlon.
Pursuant to an October 28, 2014 Scheduling Stipulation, Plaintiffs engaged in expedited fact discovery in preparation for a preliminary injunction hearing scheduled for November 6, 2014. After arm’s-length negotiations, all parties entered into a Memorandum of Understanding on November 3, 2014, in which the Defendants agreed to: (i) reduce the applicable termination fee from 3.5% to 1% of the Transaction’s value; (ii) eliminate Encana’s matching rights should a third-party make a Superior Offer; (iii) publicly disclose any bona fide acquisition proposal for Athlon; (iv) waive certain stockholders’ obligations under various Support Agreements; (v) make material supplemental disclosures concerning the Transaction; and (vi) extend the date of the tender offer.
On December 5, 2014 BLB&G was appointed Co-Lead Counsel. On December 22, 2014 a Stipulation and Agreement of Settlement was filed with the court. The Court granted final approval of the Settlement on April 14, 2015.
- Events Mark Lebovitch Serves as Panelist for Fordham Law School Symposium: "Here to Stay - Wrestling with the Future of the Quickly Maturing SPAC Market" October 22, 2021 Learn More
- Awards The National Black Lawyers Association Selects Associate Matthew Traylor for Membership & "Top 40 Under 40" List October 18, 2021 Learn More
- Awards Benchmark Litigation Again Names BLB&G One of the Top Firms in the Nation in 2022 Guide October 5, 2021 Learn More
- Events Katie Sinderson Serves as Panelist at OPFTEC 2021 on "The Role of Securities Litigation in Pension Funds" October 1, 2021 Learn More
- Events BLB&G Partners John C. Browne and Jeremy Robinson Present "Video Depositions: The Case for Their Continued Relevance in a Post-Quarantine World" Webinar October 1, 2021 Learn More